South Yarra, Prahran, and Hawthorn all offer renters weekly savings of more than $400 a week compared to ritzy neighbour Toorak, where the average weekly rent is $1,100.

Other adjacent suburbs that have large disparities in their median rents include Parkville and Flemington where the weekly rent is $903 and $520 respectively, Canterbury and Surrey Hills with a $363 gap and Glen Waverley and Notting Hill with rents of $515 compared with $175.

REIV President Robyn Waters said the figures show that tenants don't need to skimp on proximity to the city, public transport links, or access to shops, parks, and restaurants to stay within their weekly budgets.

“At a time when the cost of living is biting many families and we are all looking at ways to save a dollar, renting in a bridesmaid suburb could be a viable option to improve your bottom line,” Ms Waters said.